The production enterprise of thermal insulation boards with an investment value of 18.4 million manats has started to operate in Hajigabul Industrial District.
"Penoplex Prikavkazye" LLC's thermal insulation board manufacturing facility has started operating in Hajigabul Industrial District, which is managed by the Economic Zones Development Agency under the Ministry of Economy.
The investment cost of the Russian capital enterprise with an annual production capacity of 100,000 m3 is 18.4 million manats, and 60% of the produced products are planned to be sold in the domestic market and 40% to be exported.
The enterprise, built on the territory of 6.7 hectares of the Industrial Quarter, is provided with ready-made infrastructure (gas, electricity, water, sewerage, road) at the expense of state funds.
Deputy Minister of Economy Samad Bashirli, making a speech at the event held in connection with the establishment of the enterprise, spoke about measures to increase state support for stimulating the production of competitive non-oil products in the country, creating new production areas that replace imports, and expanding export opportunities. It was reported that the start of operation of the thermal insulation boards production enterprise by "Penoplex Prikavkazye" LLC in the Hajigabul Industrial District will contribute to the development of the construction sector and the increase of employment in the region.
Ambassador Extraordinary and Plenipotentiary of the Russian Federation to our country Mikhail Yevdokimov emphasized that the high-level visits and meetings created a favorable basis for the development of partnership, and shared his views on the expansion of economic and trade relations between the two countries and the implementation of joint projects.
General Director of "Penoplex" Holding Gheorgiy Protosenya pointed out that the favorable investment environment created for entrepreneurs in Azerbaijan is attractive and opens wide opportunities for cooperation, and informed about the activity of the enterprise.
Note: Hajigabul Industrial District was established by the Decree of the Head of State dated July 25, 2017 in order to support the activities of micro, small and medium entrepreneurs, ensure the continuous development of the non-oil sector, and increase the employment of the population in the production field. 14 business entities with a total investment amount of more than 163 million manats have registered as residents, and 8 of them have already started operating in the Industrial Quarter, where more than 200 people are permanently employed. In addition to the existing projects, it is planned to invest about 120 million manats in the Industrial District and create more than 1,500 jobs.
Products worth 51 million manats were produced in the 9th month of 2023, in the Industrial Quarter, which increased by 97% compared to the same period last year. Products worth 25.8 million manats were produced in 9 months of 2022.
Until now, the residents of the Industrial District have produced products worth 95 million manats, of which 1 million manats are exported.
